Hey, 23 here, don't feel bad, I was more indebt than you at 18, my parents wouldn't co-sign a used car for me and the dealerships wouldn't sell me a used car because I had no credit history. Ended up with around a 28K car loan, which was a $450/m payment + 200/m in full coverage insurance. I was also in the same situation with CC debt as you.
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First step is to get rid of that CC debt, 28.99% on 2,900 is $70.06 a month in interest.
The Discover debt is about to be a problem, as you'll likely be paying around 25% APR on 6k but not until May. However, depending on the terms of your agreement, you might be charged what the interest would have been over the term of the balance transfer e.g.
Assuming 25% APR over 12 months at a 6k balance transfer = about $1600 in interest you'll be charged if not fully paid off by the term date. Additionally it will be at least $125+/m in interest a month regardless, assuming the balance stays the same. You might even consider another balance transfer as the fee would be a lot less than the accumulated interest payment ($100-300) at most.
Call Discover and ask a representative for more information on your situation.
I suggest once you pay them off, cut them up and get a card with a limit if you have an issue with overspending. Otherwise, make it a absolute priority to pay of CC debt at the end of the month and don't fall into the debt trap again.
Similarly, PayPal seems to have a 28.49% APR which on 2,215.80 is $53.35 a month in interest. Though is 0% for 6 months if payed in full on purchases over $99 but with a similar situation to balance transfers, you'll be charged the full 6 months if you don't pay in full. Consider PayPal credit as another CC.
Debt consolidation might be a good option for you, if you can get a good APR. It'll merge all your CC debt into one loan making it easier to pay off.
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Make a budget for non-negotiables (Food, Housing, Fuel, etc...) Hobbies and fun need to take a backseat for awhile.
Save an emergency fund for rainy days. (2-5k) if possible.
Focus everything on paying down the CC debt. (Highest APR to Lowest APR)
Consider selling off some assets to cover the debt, short term pain for long term success.
Stay the hell away from credit unless you absolutely need it. Like when buying a house or car. Nothing for hobbies or fun should be used with a CC.
Pick up extra shifts, or another job temporarily to accelerate your debt payments. I see people suggesting Uber or Door Dash, these are a good option, and allows for flexible hours.
Imaginary_Cause t1_jeg4wg8 wrote
Reply to 22 and in $10,000+ Debt by Balance_Holiday
Hey, 23 here, don't feel bad, I was more indebt than you at 18, my parents wouldn't co-sign a used car for me and the dealerships wouldn't sell me a used car because I had no credit history. Ended up with around a 28K car loan, which was a $450/m payment + 200/m in full coverage insurance. I was also in the same situation with CC debt as you.
​
First step is to get rid of that CC debt, 28.99% on 2,900 is $70.06 a month in interest.
The Discover debt is about to be a problem, as you'll likely be paying around 25% APR on 6k but not until May. However, depending on the terms of your agreement, you might be charged what the interest would have been over the term of the balance transfer e.g.
Assuming 25% APR over 12 months at a 6k balance transfer = about $1600 in interest you'll be charged if not fully paid off by the term date. Additionally it will be at least $125+/m in interest a month regardless, assuming the balance stays the same. You might even consider another balance transfer as the fee would be a lot less than the accumulated interest payment ($100-300) at most.
Call Discover and ask a representative for more information on your situation.
I suggest once you pay them off, cut them up and get a card with a limit if you have an issue with overspending. Otherwise, make it a absolute priority to pay of CC debt at the end of the month and don't fall into the debt trap again.
Similarly, PayPal seems to have a 28.49% APR which on 2,215.80 is $53.35 a month in interest. Though is 0% for 6 months if payed in full on purchases over $99 but with a similar situation to balance transfers, you'll be charged the full 6 months if you don't pay in full. Consider PayPal credit as another CC.
Debt consolidation might be a good option for you, if you can get a good APR. It'll merge all your CC debt into one loan making it easier to pay off.
​
Edit: typo